Audits are a crucial activity in every revenue agency of a country. It is aimed at ensuring the fair implementation of government taxes to all individual and corporate taxpayers. Proper audit procedures must be observed and practiced ensuring the accuracy and completeness in the conduct of review and examination of the books of accounts and the financial condition of the company.
In Canada, most taxpayers diligently comply with the tax laws implemented by the government because tax audit by the government involves weeding through each cranny and nook of the company’s finances, looking for the exact details to get better insight of the tax return. This is such a nerve-racking and intimidating situation to experience which can lead some taxpayers to doing and saying things that are detrimental to their favour. This is where CRA audit protection can play a great role in all business sectors during the tax season with the accountants providing accurate audited financial statements to their clients.
It is ideal for a company to hire the services of a professional to handle and represent the management of the company. It is important to choose a credible tax specialist that have reputable successful years of experience in handling CRA audits. You can always face the CRA audit team with confidence knowing you have an expert tax team with you handling your tax returns.
It is not advisable to handle tax audits by yourself because they involve a lot of details that you need to master to be able to provide accurate answers to the CRA personnel. During the audit, the CRA will thoroughly review your tax return and look for missing information and mathematical errors. Audits are time-consuming and stressful for a taxpayer because it is you versus the government wherein, they create the rules. The CRA will always do its best to find the slightest error in your tax return which can be made as an evidence to support their negative findings on your tax return.
Because of the intricacies and complexities of the CRA audit process, it is always essential that every taxpayer must follow all the rules of the CRA audit policy to avoid any inconveniences that can only complicate things in your audit standing and personal reputation.